MANILA, Philippines – Publicly-listed property developer and horse racing operator Manila Jockey Club Inc. has tapped the Accor Group, the world’s leading hotel manager for the operation of a 250-room world-class hotel at the San Lazaro Business Park in Sta. Cruz, Manila.
Present in 90 countries, overseeing 4,163 hotels and nearly 500,000 rooms, Accor’s brands, which range from luxury to economy, include Sofitel, Pullman, MGallery, Novotel, Suite Novotel, Mercure, Ibis, All Seasons, Etap Hotel, HotelF1, Motel6, as well as Thalassa Sea & Spa and Lenôtre.
MJC said its unit MJC Investments Inc. has signed a memorandum of understanding with the Accor Group for hotel consultancy and management services for its planned hotel. The project, estimated to cost around P1 billion, will rise within a 1.6-hectare property which is part of the former race track, the San Lazaro Hippodrome, and has been redeveloped into a commercial, residential and leisure complex.
According to MJC, the hotel design, layout, facilities and standards will be built in accordance with the Mercure brand.
The final terms of the hotel management agreement will be negotiated within three months from the execution of the MOU, MJC said in a disclosure to the Philippine Stock Exchange.
MJC earlier said it was planning to break ground on the hotel in the first quarter of next year.
Funding for the project will come from a combination of equity and borrowings.
The hotel project will also complement MJC’s ongoing joint venture projects with property giant Ayala Land Inc. (ALI), which include a residential and commercial complex featuring a business process outsourcing (BPO) building which houses Convergys, a global leader in integrated billing, employee care, and customer care services provided through outsourcing or licensing.
In addition, MJC is also building a P500-million 200-room hotel in Carmona, Cavite, where the company’s modern horse-racing facilities are located. The property is near an exclusive residential community known as Canyon Ranch, which has been developed by the group through a joint venture with Century Communities Corp.
As part of its foray into the hospitality business, the MJC Group is also in talks to acquire and develop the 80-hectare Mamburao Beach Resort in Mindoro Occidental.
The resort will serve as a gateway to the Apo Reef and will include an assisted-living community that will cater to the international market due to its ideal location and tropical weather for retirees.